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Business Confidence Subdued Amid Tariffs but 'Worst-Case' Less Likely: BoC Survey

SIMCOE COUNTY, ONTARIO, JUL 21 – Canada's economy is forecast to shrink by 2.1% due to Trump's tariffs, which include high levies on steel, aluminum, cars, and energy, impacting key trade sectors, analysts say.

  • On April 2, 2025, President Donald Trump announced 'Liberation Day' tariff hikes, followed by a 90-day suspension ending July 9, 2025 that tested trade partners' limits with tailored levies.
  • Trump imposed a flat 10 percent tariff on all imports with country-specific levies, designing the plan as a stress test for global partners and administration coordination.
  • During the 90-day pause, the U.S. secured agreements with the UK and Vietnam, with the UK lowering barriers on U.S. goods and Vietnam capping tariffs at 20 percent with anti-transshipment pledges.
  • When the pause concluded on July 9, 2025, the tariff policy's mixed results revealed strategic wins and unforeseen pitfalls as the universal levy proved manageable for many smaller economies despite resistance.
  • Ahead of the July 30, 2025 interest rate decision, findings show the Bank of Canada reports found tariff-related uncertainty still dampens sentiment but lessens worst-case scenarios, with 28 percent of firms planning for a recession.
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Winnipeg Free PressWinnipeg Free Press
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Business confidence subdued amid tariffs but 'worst-case' less likely: BoC survey

Breaking News, Sports, Manitoba, Canada

·Winnipeg, Canada
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China-US Focus broke the news in on Monday, July 21, 2025.
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